Polycab Stock News Today

Polycab shares rose 3% on Friday as bottom-fishers took action after a 21% drop on Thursday due to income tax raids uncovering unaccounted cash sales of around Rs 1,000 crore. The company clarified that the income tax department has not named Polycab and there has been no written communication regarding the outcome of the raids. HNIs and institutional investors have sold Polycab shares. Axis Capital reduced the target price due to uncertainties after the raid and expects a multiple derating unti...

Retail investors incurred a loss of ₹3,108 crore. At the end of Q2FY24, retail investors held 20,388,755 shares, constituting a 13.58% stake in the company.

Polycab I-t Raids: "The Company understands that there is a press release titled ‘Income Tax Department conducts search operations in Mumbai’ published on January 10, 2024 by Press Information Bureau, Delhi, which does not specifically name any company. The Company reiterates that as on date, the Company has not received any written communication from the IT Department regarding the outcome of the search," Polycab said.

Polycab Share Price: Shares of electrical equipment manufacturer Polycab tanked 20% to the days low of Rs 3,801 on Thursday after the Income Tax department detected "unaccounted cash sales" of about Rs 1,000 crore after it recently raided the Polycab group. A total of 50 premises in Mumbai, Pune, Aurangabad and Nashik in Maharashtra, Daman, Halol in Gujarat and Delhi were reported to have been covered in the raids.

Shares of Polycab, an electrical equipment manufacturer, plunged 20% after the Income Tax department uncovered unaccounted cash sales of about Rs 1,000 crore during a recent raid on the Polycab group. The CBDT revealed that the group, in collusion with authorized distributors, evaded taxes through unrecorded cash sales. Polycab India denied the allegations, asserting its commitment to compliance and transparency.

Shares of Polycab India declined over 5 percent in intra-day deals on Friday following searches conducted by the Income Tax Departments investigation wing at nearly 50 locations linked to the company across the country.